Corporate Use of Prepaid Cards to Explode

VRL Financial News Cards International and Electronic Payments International information services will be releasing exclusive research at Prepaid Summit: Europe 2011 to analyse the benefits of prepaid cards in the workplace. VRL Financial News market intelligence in financial services commissioned the research, which will be carried out by TNS, to better understand how employers can effectively execute prepaid cards in a corporate environment. The summit will analyse how the new payments landscape is emerging, and why prepaid programmes have a vital role in meeting the evolving needs of the consumer. The prepaid cards are also taking off in Eastern Europe where they are being used as a cost effective alternative to debit cards.

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JMango and SPS to Deploy P2P m-payments

International mobile solutions firm JMango and electronic payments solutions firm Strategic Payments Services (SPS) have announced a partnership to offer mobile money remittance solution. The PCI-DSS compliant solutions lets anyone cash out mobile payments from their peers via ATM’s. Senders simply need to register for an account with their bank and send payments to a mobile device over SMS, data or even through the new BUMP technology. Once the funds have been sent, the recipient will receive a special transaction number and PIN in their mobile device that will allow them to withdraw the funds from an ATM, all without the need of a bank account or an ATM card. The recipient does not even need the app to be installed in their phone, as the codes can be pushed to their mobile device via SMS. JMango is an international mobile company that provides secure end to end mobile solutions in the fields of mobile money remittance, mobile banking and mobile commerce while SPS is prominent in electronic payment processing services market.

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Indian Smart Card Market Slated to Explode

According to the research report, “Indian Payment Card Market Forecast to 2012”, Indian payment card market has been continuously booming and is offering huge opportunities to both existing as well as new market players. The industry is continuously witnessing new developments with growing consumer preferences and rising middle-class base. Moreover, rising number of internet users and increasing availability of online transaction system will further boost the number of debit cards issued by the banks, which is forecasted to surge at a CAGR of 25% during FY2011-2013.

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American Express & vente-privee.com Appoint CEO

Mike Steib is to take over as the Chief Executive Officer for an American Express JV with vente-privee.com. Bringing vente-privee.com’s online store for luxury goods and lifestyle products to the U.S. market, Steib will work to leverage the assets and long-standing relationships of both American Express and vente-privee.com to build the joint venture into a leader in the U.S. online private sales market. Most recently as Director of Video Advertising for Google’s Americas Operations, also on his resume is Director of Video Advertising for the Americas region at Google, the General Manager of Strategic Ventures at NBC Universal and vice president in the NBC Corporate Development. Steib holds three digital media patents and is a graduate of the University of Pennsylvania.

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Jumio Introduces Online Card Present Transactions

Jumio unveiled its “Netswipe” technology solution for businesses to increase security and ease of use for online and mobile credit card payments. Turning any webcam into a secure credit card reader that allows merchants to more easily and efficiently accept payments online, “Netswipe” touts online card-present-transaction capabilities, allowing the user to check just like at the point of sale POS. To complete a transaction, consumers briefly hold their credit card in front of their webcam through secure videostreaming, allowing credit card details recognized and verfied.

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Fundtech & JPMorgan Partner to offer international wire transfer

J.P. Morgan Treasury Services partnered with Fundtech to offer an integrated international payments service to banks using “PAYplus USA.” This lets banks offer their clients enhanced foreign exchange and cross-border payment services and customize their transaction processing. Fundtech’s PAYplus USA provides end-to-end processing for domestic wires. The partnership provides Fundtech clients a seamless means to access a variety of services including foreign exchange in more than 135 currencies, and US Dollar Clearing’s complete suite of international commercial payment capabilities – including expedited payments to and from Asia.

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First Data Introduces information and analytics suite

First Data launched its product offerings from its Information and Analytics Services (I&AS) division to merchants and other businesses that need superior fact-based insights on consumer spending and payments. The “Business Track” provides key information at a glance on credit, debit, prepaid/gift card and check data. This newly designed interface has applications organized by popular use, so those frequently accessed are prominently located. First Data now offers a proactive, convenience-oriented approach to notifying merchants of time-sensitive reconciliation and dispute events that have bottom-line impact. It allows prepaid card program managers to access the competitive insight they need to understand how their program is performing compared to industry peers through the “Prepaid Advisor Benchmarking Toolkit.”

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Technology Credit Union Introduces m-banking apps

Technology Credit Union deployed its next generation Mobile Banking, offering native applications for the iPhone, iPad, iPod Touch and Android devices. This lets members check account balances and track activity, transfer funds and pay bills, as well as find the nearest surcharge-free ATM or branch location. The applications have already been downloaded more than 2,000 times, with the iPhone app scoring a 5-star rating and the Android scoring 4 stars. This next generation of Mobile Banking also includes a new and improved Mobile Browser (WAP) for compatibility with all other smartphones.

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Bankart deploys LogRhythm PCI compliance

Bankart payment processing has deployed the LogRhythm integrated log management and Security Information and Event Management (SIEM) solution to ensure compliance with PCI DSS regulations. Bankart is also using LogRhythm’s solution to improve operational efficiencies across all parts of its network and to help implement security best practices. Bankart previously used the individual monitoring functionality associated with each system on its network. However, faced with a rising number of logs, the organisation wanted a more effective method of collecting, processing and reviewing all log data. It also recognised that a centralised log management solution would help ensure PCI compliance and bolster the security of its systems, while also improving the efficiency of its IT infrastructure.

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